Memecoins and Market Slump Trigger NFT Sales Decline in Q2 2024
- NFT Market Decline: NFT sales dropped by 44% in Q2 of 2024, attributed to the rise of memecoins like celebrity, political, and animal-themed tokens.
- Mind Share and Memecoins: Memecoins have gained significant consumer attention, diverting focus from NFTs, with a reported $3.4 billion traded in the last 24 hours.
- Bitcoin Ordinals Impact: The emergence of Bitcoin-based Ordinals is expected to further impact the NFT market share negatively.
- Decline in Runes Transactions: Both Ordinals and Runes have experienced reduced network activity, with Runes transactions falling by 88% from their peak in June.
- Hope for NFT Market: Despite the slump, there is hope for the NFT market to rebound based on historical data, innovative projects, and a potential bull market resurgence in the latter half of 2024.
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Technical Analysis for
Technical Sentiment Analysis for () As of , () is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 0 technical signals, shows that 0 indicators are flashing buy, while 0 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
() Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | - | - | - | - | - | - | - |
| Fibonacci | - | - | - | - | - | - | - |
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